Singapore Developer’s REIT IPO Includes HSBC London Tower

Singapore Developer’s REIT IPO Includes HSBC London Tower

(Bloomberg) -- Singapore's City Developments Ltd. has included the London building housing HSBC Holdings Plc's headquarters in a property trust offering in partnership with Qatar Investment Authority, according to people with knowledge of the matter.

The homebuilder has filed applications for an initial public offering of a real estate investment trust with commercial assets in the U.K. to the Singapore Exchange and the Monetary Authority of Singapore, the company said in a statement Friday, confirming an earlier Bloomberg News report.

City Developments seeks to raise about 500 million pounds ($705 million) from the REIT's potential first-time share sale, which could take place as soon as the third quarter, said the people. The REIT will have a portfolio size of about 1.8 billion pounds, the people said, asking not to be named as the process is private.